ImmuCell Corporation
ICCCHealthcare|Biotechnology|US
$9.80
-0.15 (-1.51%)
Tangible Book / Share
$3.45
Graham Number
$2.60
Cash / Share
$0.98
Financials
Financial Snapshot
Market Cap
$89.0M
Enterprise Value
$92.6M
Revenue (TTM)
$30.7M
Net Income (TTM)
$787.4K
Cash & Investments
$8.9M
Net Cash
-$3.6M
Free Cash Flow (TTM)
$4.2M
Operating CF (TTM)
$5.9M
Debt/Equity
0.40
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $10.6M | $3.8M | $2.5M | $8.8M | $7.9M | $10.2M | $5.8M | $978.7K | $3.8M | $3.8M | $8.9M | |
| Operating Cash Flow | -$323.9K | $1.2M | -$373.4K | $233.5K | $1.3M | $954.2K | -$1.5M | -$4.7M | $357.9K | $2.5M | $5.9M | |
| Free Cash Flow | -$3.9M | -$16.6M | -$2.4M | -$1.2M | -$2.8M | -$1.7M | -$5.5M | -$6.6M | -$107.8K | $1.2M | $4.2M | |
| Capital Expenditure | -$3.6M | -$17.8M | -$2.0M | -$1.4M | -$4.1M | -$2.6M | -$4.0M | -$1.9M | -$465.7K | -$1.3M | -$1.7M | |
| Financing Cash Flow | $8.3M | $9.7M | $889.6K | $6.9M | $1.9M | $3.9M | $1.1M | $1.8M | $2.9M | -$1.2M | -$1.4M |
R&D Spending
R&D (TTM)
$1.9M
R&D Intensity
6.2%
R&D Growth vs Prior
-37.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.5M | $10.4M | $11.0M | $13.7M | $15.3M | $19.2M | $18.6M | $17.5M | $26.5M | $27.6M | $30.7M | |
| R&D Expense | $1.2M | $2.0M | $3.5M | $3.7M | $4.4M | $4.2M | $4.5M | $4.4M | $3.9M | $3.0M | $1.9M | |
| R&D % of Revenue | 13.0% | 19.6% | 32.0% | 26.9% | 28.4% | 21.7% | 24.2% | 25.2% | 14.7% | 11.0% | 6.2% | |
| SG&A | $3.3M | $3.4M | $3.8M | $4.0M | $3.9M | $4.2M | $5.5M | $5.2M | $5.7M | $6.8M | $8.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.5M | $10.4M | $11.0M | $13.7M | $15.3M | $19.2M | $18.6M | $17.5M | $26.5M | $27.6M | $30.7M | |
| Cost of Revenue | $4.1M | $5.2M | $5.8M | $7.0M | $8.5M | $10.6M | $10.9M | $13.1M | $18.6M | $16.2M | $18.3M | |
| Gross Profit | $5.4M | $5.2M | $5.2M | $6.7M | $6.9M | $8.7M | $7.6M | $4.4M | $7.9M | $11.4M | $12.4M | |
| R&D | $1.2M | $2.0M | $3.5M | $3.7M | $4.4M | $4.2M | $4.5M | $4.4M | $3.9M | $3.0M | $1.9M | |
| SG&A | $3.3M | $3.4M | $3.8M | $4.0M | $3.9M | $4.2M | $5.5M | $5.2M | $5.7M | $6.8M | $8.6M | |
| Operating Income | $890.2K | -$243.0K | -$1.4M | -$954.0K | -$1.4M | $257.4K | -$2.3M | -$5.7M | -$1.6M | $1.6M | $3.9M | |
| Interest Expense | $161.7K | $218.6K | $427.8K | $431.8K | $412.7K | $314.4K | $348.5K | $453.0K | $568.7K | $439.0K | $432.8K | |
| Pretax Income | $758.3K | -$438.0K | -$1.9M | -$1.3M | -$1.0M | -$69.1K | -$2.5M | -$5.8M | -$2.1M | -$1.0M | $853.6K | |
| Net Income | $508.4K | -$168.0K | -$2.3M | -$1.3M | -$1.0M | -$78.3K | -$2.5M | -$5.8M | -$2.2M | -$1.0M | $787.4K | |
| EPS (Diluted) | 0.12 | -0.03 | -0.42 | -0.19 | -0.14 | -0.01 | -0.32 | -0.75 | -0.26 | -0.12 | 0.08 | |
| EBITDA | $1.7M | $684.5K | $88.4K | $1.4M | $1.6M | $2.7M | $350.0K | -$2.5M | $1.1M | $2.1M | $3.5M | |
| Shares Out. (M) | 4.34 | 4.95 | 5.49 | 6.82 | 7.21 | 7.59 | 7.75 | 7.75 | 8.17 | 9.03 | 9.19 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.2M | $3.8M | $2.5M | $6.3M | $7.9M | $10.2M | $5.8M | $978.7K | $3.8M | $3.8M | $8.9M | |
| Short-Term Investments | $5.5M | $0.00 | $0.00 | $2.5M | $0.00 | -$468.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $14.3M | $7.5M | $6.4M | $13.2M | $12.2M | $16.3M | $14.0M | $11.5M | $15.0M | $16.9M | $21.1M | |
| Total Assets | $24.7M | $34.3M | $32.7M | $38.7M | $40.4M | $44.5M | $44.9M | $43.8M | $45.1M | $42.5M | $46.6M | |
| Total Current Liabilities | $2.1M | $2.1M | $2.6M | $2.5M | $2.2M | $2.5M | $3.1M | $4.2M | $4.4M | $4.0M | $4.4M | |
| Long-Term Debt | $2.9M | $8.6M | $8.4M | $7.1M | $8.7M | $8.3M | $9.2M | $10.5M | $9.0M | $7.5M | $6.8M | |
| Total Liabilities | $5.0M | $10.7M | $11.0M | $9.7M | $12.1M | $11.9M | $14.5M | $18.8M | $17.6M | $15.5M | $15.3M | |
| Stockholders' Equity | $19.7M | $23.6M | $21.7M | $29.0M | $28.3M | $32.6M | $30.4M | $25.0M | $27.5M | $27.1M | $31.4M | |
| Retained Earnings | $1.1M | $979.0K | -$1.3M | -$2.6M | -$3.7M | -$3.7M | -$6.2M | -$12.0M | -$14.2M | -$15.2M | -$11.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$323.9K | $1.2M | -$373.4K | $233.5K | $1.3M | $954.2K | -$1.5M | -$4.7M | $357.9K | $2.5M | $5.9M | |
| Capital Expenditure | -$3.6M | -$17.8M | -$2.0M | -$1.4M | -$4.1M | -$2.6M | -$4.0M | -$1.9M | -$465.7K | -$1.3M | -$1.7M | |
| Free Cash Flow | -$3.9M | -$16.6M | -$2.4M | -$1.2M | -$2.8M | -$1.7M | -$5.5M | -$6.6M | -$107.8K | $1.2M | $4.2M | |
| Investing Cash Flow | -$4.4M | -$12.3M | -$1.8M | -$3.4M | -$2.6M | -$1.6M | -$4.0M | -$1.9M | -$461.2K | -$1.2M | -$1.7M | |
| Financing Cash Flow | $8.3M | $9.7M | $889.6K | $6.9M | $1.9M | $3.9M | $1.1M | $1.8M | $2.9M | -$1.2M | -$1.4M | |
| Issuance of Stock | $8.5M | $3.8M | $96.3K | $8.3M | $0.00 | $4.2M | $30.7K | $18.8K | $4.4M | $349.3K | $165.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$135.8K | $6.0M | $795.3K | -$1.4M | $2.0M | -$368.3K | $1.1M | $1.8M | -$1.5M | -$1.5M | -$1.5M | |
| Stock Based Comp. | $67.4K | $199.8K | $344.0K | $313.1K | $253.1K | $144.3K | $266.2K | $368.9K | $326.0K | $295.9K | $554.8K | |
| Net Change in Cash | $3.6M | -$1.4M | -$1.3M | $3.8M | $656.6K | $3.2M | -$4.4M | -$4.8M | $2.8M | $48.6K | $2.9M |
Dilution Tracker
Shares outstanding grew 25.1% over 5 years — significant dilution
Shares Outstanding
9M
5-Year Share Growth
+25.1%
Stock Issuance (TTM)
$165.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.34 | 4.95 | 5.49 | 6.82 | 7.21 | 7.59 | 7.75 | 7.75 | 8.17 | 9.03 | 9.19 | |
| Change vs Prior % | — | 14.1% | 10.9% | 24.3% | 5.8% | 5.3% | 2.0% | 0.0% | 5.4% | 10.5% | 1.8% | |
| Stock Issuance | $8.5M | $3.8M | $96.3K | $8.3M | $0.00 | $4.2M | $30.7K | $18.8K | $4.4M | $349.3K | $165.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $67.4K | $199.8K | $344.0K | $313.1K | $253.1K | $144.3K | $266.2K | $368.9K | $326.0K | $295.9K | $554.8K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 56.8% | 50.1% | 47.3% | 49.1% | 44.7% | 45.0% | 41.2% | 25.2% | 30.0% | 41.4% | 40.3% | |
| Operating Margin % | 9.3% | -2.3% | -13.2% | -7.0% | -9.0% | 1.3% | -12.4% | -32.9% | -6.2% | 6.0% | 12.6% | |
| Net Margin % | 5.3% | -1.6% | -21.1% | -9.4% | -6.7% | -0.4% | -13.4% | -33.1% | -8.1% | -3.8% | 2.6% | |
| EBITDA Margin % | 18.0% | 6.6% | 0.8% | 10.4% | 10.6% | 14.0% | 1.9% | -14.3% | 4.0% | 7.7% | 11.5% | |
| FCF Margin % | -41.0% | -159.0% | -21.9% | -8.4% | -18.0% | -8.6% | -29.7% | -37.6% | -0.4% | 4.4% | 13.7% | |
| ROE % | 2.6% | -0.7% | -10.7% | -4.5% | -3.6% | -0.2% | -8.2% | -23.1% | -7.8% | -3.8% | 2.7% | |
| ROA % | 2.1% | -0.5% | -7.1% | -3.3% | -2.5% | -0.2% | -5.6% | -13.2% | -4.8% | -2.4% | 1.7% | |
| ROIC % | 2.6% | -0.3% | -4.6% | -2.5% | -3.5% | 0.6% | -5.4% | -13.8% | -3.8% | 4.1% | 8.1% | |
| R&D / Revenue % | 13.0% | 19.6% | 32.0% | 26.9% | 28.4% | 21.7% | 24.2% | 25.2% | 14.7% | 11.0% | 6.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -6.7% | 9.3% | 5.3% | 24.9% | 11.8% | 25.4% | -3.5% | -5.9% | 51.6% | 4.3% | |
| Gross Profit | -13.3% | -3.7% | -0.5% | 29.8% | 1.8% | 26.1% | -11.6% | -42.5% | 80.6% | 44.1% | |
| Operating Income | -58.1% | -127.3% | -495.5% | 34.1% | -44.7% | 118.7% | -993.2% | -150.0% | 71.5% | 200.6% | |
| Net Income | -58.1% | -133.0% | -1282.1% | 44.2% | 21.1% | 92.3% | -3085.5% | -131.5% | 62.7% | 51.8% | |
| EPS (Diluted) | -68.4% | -128.3% | -1138.9% | 54.8% | 26.3% | 92.6% | -3006.8% | -134.4% | 65.3% | 53.8% | |
| Operating Cash Flow | -111.2% | 463.0% | -131.8% | 162.5% | 463.4% | -27.5% | -261.8% | -202.8% | 107.7% | 591.6% | |
| Free Cash Flow | -2259.8% | -324.1% | 85.5% | 51.8% | -138.1% | 40.0% | -233.6% | -19.0% | 98.4% | 1236.0% | |
| R&D Expense | 0.7% | 64.5% | 71.8% | 4.9% | 18.1% | -4.3% | 7.8% | -2.2% | -11.3% | -22.0% | |
| SG&A Expense | 13.6% | 4.0% | 11.9% | 4.8% | -2.9% | 8.8% | 28.9% | -4.2% | 8.8% | 18.9% | |
| Total Assets | 69.2% | 38.9% | -4.6% | 18.2% | 4.3% | 10.2% | 0.9% | -2.3% | 3.0% | -5.7% | |
| Book Value / Share | 33.8% | 2.2% | -16.9% | 7.3% | -7.8% | 9.5% | -8.6% | -17.2% | 3.8% | -11.0% | |
| Debt | -6.6% | 197.3% | 9.0% | -13.8% | 27.5% | -4.3% | 21.5% | 33.7% | -9.5% | -12.6% | |
| Diluted Shares | 37.0% | 14.1% | 10.9% | 24.3% | 5.8% | 5.3% | 2.0% | 0.0% | 5.4% | 10.5% |
Valuation
P/E (TTM)115.84
P/S2.90
10Y Low / Med / High1.59 / 2.63 / 4.17
P/B2.83
10Y Low / Med / High1.21 / 1.57 / 2.05
EV/EBITDA26.18
10Y Low / Med / High13.36 / 30.32 / 519.01
EV/Revenue3.02
10Y Low / Med / High2.02 / 2.98 / 4.66
P/FCF21.12
Intrinsic Value Models (per share)
Tangible Book / Share
$3.45
Net Current Assets / Share
$0.64
Graham Number
$2.60
Graham Net-Net
$0.03
Cash / Share
$0.98
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 49.58 | -259.29 | -16.78 | -27.11 | -42.50 | -776.71 | -19.06 | -6.79 | -19.81 | -51.25 | 115.84 | |
| P/S Ratio | 2.63 | 4.17 | 3.52 | 2.56 | 2.80 | 3.16 | 2.54 | 2.24 | 1.59 | 2.01 | 2.90 | |
| P/B Ratio | 1.27 | 1.84 | 1.78 | 1.21 | 1.52 | 1.86 | 1.56 | 1.57 | 1.53 | 2.05 | 2.83 | |
| EV/EBITDA | 13.36 | 71.08 | 519.01 | 26.01 | 27.99 | 22.54 | 154.10 | -21.93 | 50.06 | 30.32 | 26.18 | |
| EV/Revenue | 2.41 | 4.66 | 4.18 | 2.71 | 2.98 | 3.16 | 2.90 | 3.14 | 2.02 | 2.35 | 3.02 |
Analyst Estimates & Quality
Altman Z-Score
4.33
Safe
Piotroski F-Score
7
Strong
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 |
|---|---|---|
| Revenue | $15.1M | $19.2M |
| Net Income | -$2.2M | -$992.9K |
| EPS | $-0.24 | $-0.11 |
| # Analysts (EPS) | 1 | 1 |
Revenue Segments
By Product
| Segment | 2021 |
|---|---|
| FirstDefenseProductLineMember | $18.9M |
| OtherAnimalHealthMember | $309.9K |
By Geography
| Segment | 2021 | 2023 | 2024 |
|---|---|---|---|
| OtherStatesMember | $2.6M | — | — |
| UNITED STATES | $16.6M | $15.9M | $22.9M |